In the month of November 2011, there were 77 new properties that began the foreclosure process in Plainfield, IL. In November 2010, there were 79 new properties that began the foreclosure process. Not really much of a change when comparing market snapshots for the same time year to year. Illinois is a judicial state, meaning that the lender must take legal action against the homeowner in a court to regain ownership of the property. From the time the Lis Pendens is filed the owners have anywhere from 6 months upwards of nearly 2 years before the lender takes back the property. Some lenders work faster than others, while some lenders seem to almost passively pursue the ability to reclaim the property. I have seen some lenders set auction dates as early as 8 months after the Lis Pende...
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